After months of negotiating, Tom Gores is officially the new owner of the Detroit Pistons.
The AP reported Wednesday that the sale to Gores from Karen Davidson had completed a day after the NBA Board of Governors approved the sale to the California billionaire and Michigan native Gores.
“I am very excited at the opportunity to lead this great franchise into the future,” Gores said in a statement Wednesday. “The passion and commitment of Pistons fans is legendary, and our goal is to meet every one of their expectations. That starts with the hard work and values necessary to compete for championships. It also includes being a real partner in the community, and we intend to do that as well.”
Gores takes over a team that was under the ownership of the Davidson’s for nearly 37 years. Bill Davidson (Karen Davidson’s late husband) became the majority owner back in 1974 and remained the majority owner until his death in 2009.
Gores’ first order of business takes place Thursday when he holds a meeting with Pistons officials to discuss the teams plans going forward. This past weekend reports were swirling that the team had cut ties with head coach John Kuester however local news outlets including the Detroit News and Free Press say that the Pistons refuted those reports. Kuester’s fate may be determined during those same meetings Thursday.
“I have a tremendous amount of respect for the Davidson family and what has been built here. Palace Sports and Entertainment and the Detroit Pistons have enjoyed a great tradition of success and have been committed to being a positive influence in the community,” Gores said. “Our mission is to continue that legacy and do it the right way.”
The terms of the sale were not released however it is being reported that Karen Davidson would still obtain a minority stake in the organization.
Source: Associated Press
